Tuesday newspaper round-up: Banks, IMF, BP
17th May 2011 06:24
The City will miss out on £1bn of fees if the Government goes ahead with an unusual method of bank privatisation recommended yesterday by Lord Saatchi and other influential Conservatives. The Centre for Policy Studies think-tank, chaired by the Tory peer, has urged the coalition to shun a normal sal
Read moreBanks cave in over PPI
9th May 2011 14:45
The banking industry has admitted defeat in its legal battle over the mis-selling of payment protection insurance (PPI). The British Bankers' Association (BBA) announced on Monday it would not appeal against a ruling by the High Court in favour of tough new rules on selling PPI. Several million pe
Read moreFTSE 100 movers: Inmarsat rises, banks fall
9th May 2011 13:32
Satellite communications giant Inmarsat is topping the risers after first quarter revenue rose by 15% boosted by payments from its agreement with US telecom group LightSquared. The banking sector is under the weather: Barclays' shares fell after it reported that it is setting aside £1bn to cover t
Read moreBarclays to take £1bn PPI hit
9th May 2011 09:10
Barclays is setting aside £1bn to cover the cost of mis-selling of Payment Protection Insurance (PPI), the bank has announced. It said it will not participate in any application to appeal against a High Court Judgement dismissing a bid by the British Bankers' Association to overturn a ruling that b
Read moreLondon close: Late rally helped by the US
6th May 2011 16:41
The Footsie finished over 1% higher as an afternoon rally was helped by some better-than-expected US non-farm payrolls figures. According to the Bureau of Labor Statistics, non-farm payrolls rose by 244,000 in the month of April, while consensus had been pointing to a gain of 198,000. Banking gian
Read moreBroker tips: Lloyds, Mondi, Go-Ahead
6th May 2011 12:43
One-offs and lower margins have prompted RBS to downgrade forecasts at Lloyds, after the bank reported profits that were significantly under consensus estimates. While underlying results were broadly in line, one-off charges caused the group to deliver a pre-tax profit of £1.2bn in the first quarte
Read moreBroker snap: Estimates slashed at Lloyds
6th May 2011 12:42
One-offs and lower margins have prompted RBS to downgrade forecasts at Lloyds, after the bank reported profits that were significantly under consensus estimates. While underlying results were broadly in line, one-off charges caused the group to deliver a pre-tax profit of £1.2bn in the first quarte
Read moreLondon midday: Stocks stuck lower as volatility continues
6th May 2011 12:03
On another jittery day for the top share index, the FTSE 100 is slightly lower having won back some earlier losses. Well received results have failed to lift it into positive territory though. Part-nationalised lender Royal Bank of Scotlandis in demand. It made an underlying first quarter operating
Read moreLondon open: Flat start despite upbeat stocks news
6th May 2011 08:26
An unusually large number of company updates for a Friday has been given the thumbs up overall, but traders remain cautious following the slide over the past two days and the top share index is flat. Part-nationalised lender Royal Bank of Scotlandis in demand. It made an underlying first quarter op
Read moreLondon close: Another day of big losses for FTSE 100
5th May 2011 16:51
Stocks fell sharply having started the day well, with banks and miners among the heaviest fallers. First quarter profits fell sharply at part-nationalised lender Lloyds Banking, which closed down 8% today, as the bank took an impairment charge that was half a billion pounds larger than it was expec
Read moreSector movers: Smith & Nephew bolsters heath care sector
5th May 2011 16:06
Medical devices firm Smith & Nephew is propping up the heath care equipment and services sector, after a strong first quarter performance. Revenues during the three months ended 2 April rose to $1.06bn, from $995m the year before, boosted by progress at its US knee franchise. Few seemed to be disap
Read moreFTSE 100 movers: Schroders drops after profit misses targets
5th May 2011 15:26
Asset management firm Schroders has taken a tumble as profits came short of expectations in the first quarter. The group's profit before tax rose to £103.8m, from £93.2m in the first quarter of 2010, but that wasn't enough for investors who were hoping for a figure closer to £117m. Lloyds has also
Read moreLondon midday: FTSE 100 back on the slide
5th May 2011 12:07
The top share index has given up its bright start to resume the slide suffered yesterday, with banks leading the fall. The mining sector, which had started brightly, is also lower. First quarter profits fell sharply at part-nationalised lender Lloyds Banking, as the bank took an impairment charge t
Read moreLondon open: Banks spoil the party
5th May 2011 08:28
Stocks have rallied following yesterday's slide, but only slightly as the banking sector puts a dampener on the recovery. First quarter profits fell sharply at part-nationalised lender Lloyds Banking, as the bank took an impairment charge that was half a billion pounds larger than it was expecting,
Read moreLondon pre-open: Stocks set for rebound
5th May 2011 07:45
Stocks are set to rebound this morning against a backdrop of a hectic company results schedule. City traders expect the top share index to open around 24 points up from last night's close of 5,984. First quarter profits fell sharply at part-nationalised lender Lloyds Banking, as the bank took an im
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